Chinese Developer Stumbles

SHANGHAI—A property developer in China's Hangzhou city has filed for bankruptcy protection, falling victim to the government's two-year campaign to rein in property prices and pointing to wider problems ahead in the country's real-estate market.

Analysts said the financial woes of Hangzhou Glory Real Estate Co., a small developer, won't drag down other firms in the hard-hit property sector. But they said that other weaker players...